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VOTE OF THANKS
It is my privilege to propose a vote of thanks.
I would like to thank the Hon'ble Union Finance Minister for taking time off from his hectic
schedule to be with us today.
Sir, the Government of India's acceptance in principle of the recommendation of the Twelfth
Finance Commission and to move towards accrual accounting marks a significant step in the
history of financial reform in our country. Accrual accounting would make for greater
transparency in the Government's finances in general, andGovernment accounts in particular.
Greater transparency would automatically lead to improved governance.
Your speech, Sir, was inspiring and will guide us, in Government Accounting Standards Advisory
Board, to help the executive steer the Government of India from the present cash based
accounting system to an accrual based financial reporting system.
I thank the Hon'ble Finance Ministers and other Ministers from the States for participating in
this conference. The idea behind this conference was to sensitize the executive, both at the
Centre and the States, to the benefits of accrual accounting. Pilot studies have been carried out
in several states to understand the problems and complexities of migration to accrual
accounting. In many states all Urban Local Bodies, ie, Municipal Corporations have already
shifted to accrual accounting, and in some states, Panchayati Raj institutions too have adopted
accrual accounting. This is the "bubble up approach" advocated by the 13th Finance
Commission- adoption by the third tier of Government, followed by the State and Central
Governments.
I thank Shri Vinod Rai, Comptroller and Auditor General of India, for his support and constant
encouragement to GASAB, which eventually led to this conference.
I thank Shri R. Gopalan, Secretary Economic Affairs and Shri Sumit Bose, Expenditure Secretary,
and all the Secretaries to the Government of India and to the State Governments for their
participation in this conference. I would also like to thank the Chairman GASAB and Dy. CAG,
Shri T.K.Sanyal, for his guidance, and Members of GASAB for their active involvement and
sustained enthusiasm at all GASAB meetings and for all their ideas and initiatives. I thank all the
Financial Advisors for their presence at this conference. I thank all our senior officers and
colleagues in CAG office, and all the Accountants General (Accounts & Entitlements) in the
states without whose help this conference would not have taken off. I thank our friends in the
media for their cooperation and coverage of this event. I also thank the CPWD and our office
administration for their help in organizing this conference. And finally I thank the officers of the
GASAB Secretariat, who have worked very hard indeed for the last two months to make this
conference a success.
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After tea we will be having a session on the international experience of migration to accrual
accounting. Immediately after that there would be a session in which Finance Ministers of the
states would give their perspectives on accrual accounting.
Thank you very much.
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